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英文文献：Brexit and the Value of European Real Estate Companies-英国退欧和欧洲房地产公司的价值
英文文献作者：R. deBruijne,G. M. Henley
英文文献摘要：
This research investigated the impact of the Brexit Referendum on the value of real estate investment companies in the UK and the EU. In order to assess whether the Brexit Referendum imposed different effects between EU member states due to potential relocations from the UK to the EU, event studies are performed on a relocating sample and an on-relocating sample. There locating sample consists of companies from EU member states which are popular potential relocating locations. The non-relocating sample represents companies from the other EU member states. This study uses all publicly listed REIT sand REOCs in the UK and in the remaining 27 EU member states. In addition, the role of foreign exchange exposure on stock returns during the Brexit Referendum out comes is analysed. The results show that the Brexit Referendum imposed a significantly negative impact on companies incorporated in the UK. For EU incorporated companies no significant results have been found. In addition, no significant difference is observed for the potential relocating countries relative to the non-relocating countries. With respect to the role of foreign exchange exposure, the results show that geographic investment allocation and shareholder nationality significantly impacted the returns of real estate investment companies following the Brexit Referendum.
本研究调查了英国脱欧公投对英国和欧盟房地产投资公司价值的影响。为了评估脱欧公投是否会对欧盟成员国之间造成不同的影响，由于潜在的从英国到欧盟的迁移，对迁移样本和迁移时样本进行了事件研究。样本包括来自欧盟成员国的公司，它们是受欢迎的潜在搬迁地点。没有搬迁的样本代表了来自其他欧盟成员国的公司。本研究使用了英国和其余27个欧盟成员国所有公开上市的房地产投资信托基金和REOCs。此外，本文还分析了英国脱欧公投期间外汇风险敞口对股市回报的影响。结果显示，英国脱欧公投对在英国注册的公司造成了显著的负面影响。对于欧盟注册的公司，没有发现显著的结果。此外，潜在迁移国与未迁移国之间没有显著差异。关于外汇敞口的作用，结果显示，地理投资配置和股东国籍显著影响了英国脱欧公投后房地产投资公司的收益。
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